Sales Continue to Slow as Calgary’s Market Heads Towards More Balanced Conditions

We’re in the middle of a market shift.

Let’s face it, the real estate market in Calgary hasn’t exactly been typical over the past few years. We’ve been experiencing what we’d call an extreme seller's market since late 2021—homes selling in days, over list price, with tons of competition in bidding wars. That’s not what you’d call a balanced market. The problem is, we’ve grown used to it, and now it’s what sellers expect. It’s funny being on this side of things now… sellers are starting to panic if their home doesn’t sell in the first 48 hours.

We’ll need to adjust. We’ve seen inventory in the city rise through the spring and summer, and now, heading into fall, we’re watching the market slow down. More inventory means more choice for buyers, which equals less panic.

As of the end of August, inventory stood at 4,487 units, a 37.7% increase over the same time last year. Meanwhile, total sales are down 20%. That’s a substantial change, and it’s starting to affect pricing. Although we’re still up just over 6% compared to a year ago, August saw the benchmark price dip compared to July. However, at $601,000, I wouldn’t be too concerned.

Even though the numbers don’t look as impressive compared to our record-setting 2023, we’re still deep in seller’s market territory. Inventory remains historically low, and prices are historically high. What we’re witnessing is a market transitioning toward more balanced conditions—an evening out, a shift, but not a crash.

I think it’s fantastic that the market is starting to become more level for both buyers and sellers. It gives buyers more opportunities to shop around and avoid making panicked decisions they might regret later. Sellers, on the other hand, are being forced to be more realistic with pricing and pay closer attention to market trends. It just makes for a better experience on both sides of the transaction.

Our take? We don’t expect prices to drop significantly. In fact, I anticipate a plateau from now until the end of the year, with little movement in pricing. We may even see a bump up again in the spring, as we adjust to these new market conditions. It usually takes a few months for everyone to catch up, and it looks like that will align perfectly for the spring market (hint: buyers, this fall presents a great opportunity).

The beauty of this industry is its constant shifts and changes. There are no constants, and there are never dull moments.

Where are we headed in 2025? That’s part of the excitement. We won’t know until we get there—and it’s coming fast.

Have a great September!

Cheers,

KR

P.S. If you want to check out all the latest stats from the Calgary Real Estate Board, click here.

Ken Rigel

CEO and Team Lead

Ken Rigel Group @ EXP Realty

O: 403 207 1748

C: 403 835 6338

email: [email protected]